This is not wrong to say that SMEDA (Small and Medium Enterprises Development Authority) Scheme is only for the richest people because the terms and conditions indicates that getting loan is very difficult for middle and lower class people. The Sounds is good the reality of this SMEDA scheme is so far for majority of the people. SMEDA is a tactic marketing strategy which will be used for making more money via markup or interest.
The PM Nawaz Sharif told that whatever we promises in the past regarding working for the poor people, Now this is the time to make all promises come true and SMEDA is one of them. On the Other hand most of the economical expert said that this is not the right time to waste big money in this dull & tedious SMEDA scheme. Every successful debtor have to return 8% extra markup for the whole loan amount. Is this scheme for assist the lower class people or making money by way of cheap SMEDA scheme?
The trail of the long condition is not ending because one more powerful condition for getting loan is to find a suitable guarantor. If debtor fails to pay off the required loan amount then Guarantor he/she will pay off the remaining loan amount. In this high inflation economical era is any lower class illiterate people could get loan? If guarantor is ready to give guaranty for any people then the new trail of condition for getting loan will be started because guarantor must be agree after own condition like guarantor will seize property paper of candidate.
These types of case are being seen in interior Sindh and Punjab. Not only this, if any one success to get loan then guarantor will demand our share in loan. The number of frauds make possible due to illiteracy. Candidate must have a proper business plan otherwise he/she will have to follow SMEDA business plan even if you don’t know about that business.
In the nut shell people have to make all steps clear in a smooth way other wise no one will never get advantage from SMEDA scheme. Only upper class will get loan and make more money. The overall effect will come on economy in the face of inflation. According to official SMEDA plan, cash flow statement rise and rise but the reality no one knows and let’s see where the wind below.
By Muhammad Adeel